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Things you must know when purchasing a Highland Park home

So, you’re thinking about buying a new home? Make sure your ducks are in a row. Having a PreApproval Letter in hand is paramount before writing an offer to buy on a home in Highland Park. I’m a Highland Park Realtor. When people contact me interested in buying a home, one of the first questions I ask is, “are you pre-approved working with a lender.” If they tell me, “no.” I encourage them to get that step completed before open house shopping. It’s impossible for a first-time homebuyer to know what mortgage amount they qualify for without taking the necessary loan pre-approval steps. Below is a list of Things you must know when purchasing a Highland Park home.

List of what you need to know when buying a home in Highland Park, CA

  • Keep all of your payments current. Car, credit cards, student loans, you name it. If it shows up on your credit report it must be paid on time.
  • Your lender needs to be kept abreast of any kind of financial move you are considering to make.
  • File your Federal tax returns 4-6 weeks before being able to utilize your qualifying taxable income. (Basic standard is 2 years of Federal tax returns in your loan file, must be verified by Uncle Sam.)
  • Make sure all of your funds being used for your loan have seasoned in your account for 60-90 days coming from an eligible seasoned source i.e. gift from an eligible donor, funds from a sale of another property (home, car, boat etc.) All funds must be fully paper trailed and from an eligible source if not already seasoned. (Verify eligibility with your preferred mortgage broker.)
  • You must paper trail ALL non-payroll check deposits for each bank statement requested.
  • Save the difference between your current mortgage or rent and anticipated mortgage expenses each month and show that amount being deposited in your savings account. This shows the underwriter you have assumed responsibility before being obligated. It also shows no payment shock and helps in getting your loan approved. Additionally, you get to see the impact on your lifestyle before you’re obligated also.
  • Remember to send your Mortgage Broker updated documents as you receive them – bank statements, pay-stubs, etc.
  • Make sure you stay in contact with your lender. Call them if you have concerns or are not comfortable about anything. It’s normal to be nervous. Buying a home is a big deal and the process can feel a bit like a rollercoaster ride. This is all part of the process, but if you’re feeling more than that, please call. They are there to help.
  • Last, make sure you’re also very excited. You are buying your own little slice of this planet, after all!

If you are thinking about buying a home in Highland Park I’d love to chat with you and introduce my preferred mortgage broker Joe Tishkoff of Finance of America. Together Joe and I will work as a team helping you find the best spot for you to call home while making the escrow and loan approval ride as smooth as possible.

Highland Park Real Estate Brokerage

©2019 Finance of America Mortgage LLC is licensed nationwide | EQUAL HOUSING LENDER | NMLS ID #1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #15499 | Illinois Residential Mortgage Licensee | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department | Rhode Island Licensed Lender

David Clark - 805.280.1425​

I’m David Clark, a Californian, real estate advisor REALTOR®, and writer for the Shelhamer Real Estate Group located in Northeast Los Angeles California, the fastest growing real estate market in Los Angeles County. Connect with me for further information about this article, and to add and optimize the value in your property. Look for me on Instagram: @sellingnortheastla

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Mls Disclaimer:

Based on information from the / Association of REALTORS® (alternatively, from the /MLS) as of [date the AOR/MLS data was obtained]. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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The Shelhamer Real Estate Group

361 N Avenue 57

Los Angeles, CA 90042-3403

 

Call: 310-913-9477

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THE SHELHAMER GROUP   |    DRE: 01950995

Glenn Shelhamer is a licensed real estate broker DRE: 01950995 in the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. To reach The Shelhamer Real Estate Group’s office manage please call (310) 913-9477.

©2019 Finance of America Mortgage LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #15499 | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department | Rhode Island Licensed Lender | Massachusetts Lender/Broker License MC1071. For licensing information go to: www.nmlsconsumeraccess.org. Questions, comments, concerns? Send to customerrelations@financeofamerica.com

This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency. A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.

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